US Non-Farm Payrolls Creates Large Currency Movement

By Tom Higham

1st February, 2013

Figures released today from the US Labor Department have shown that 157,000 jobs were added in January to the US economy. This number was slightly below the prediction but does again show that things may not be as bad in America as was previously feared. This positive news has not only led to Dollar strength today it has also seen the Euro strengthen as more confidence returns to the global economy and therefore funds are invested into the “riskier” economies. As a reuslt of this we have seen Sterling Euro exchange rates fall significantly and this trend does not look like slowing down with some analysts stating that 1.10 is not unrealistic later this year. Of course nothing is ever certain in the currency markets but if you need to buy Euros and are concerned about the current trend we, at Foreign Currency Direct plc, do offer a number of different contract options. One of these options is a forward contract where, for a small deposit, you can secure the current rate of exchange at todays prices and take delivery for the currency at a later date, perfect to help clients budget and to help protect clients from the rates possibly falling further.

To discuss this and the other contract options speak to one of our friendly currency brokers today. You can call straight through to our dealing floor for free on 0800 328 5884 or email me directly on trh@currencies.co.uk

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